SEVEN inks deal to launch AMC cinemas in Saudi Arabia

31/01/2019 Argaam

 

Saudi Entertainment Ventures (SEVEN), a wholly-owned subsidiary of Saudi Arabia's Public Investment Fund (PIF), has signed an agreement with Hamat Property Co. to open AMC cinemas across the Kingdom.

 

The new deal came as part of SEVEN’s strategy to expand in the cinema industry and operate 50 movie theaters over the next two years, the Saudi Press Agency reported on Thursday.

 

Hamat, a subsidiary of Riyadh-based Asala Holding Co., manages over 25 malls and business centers across the Kingdom.

 

SEVEN was established by the PIF in December 2017 and was the first entity to obtain a license for operating cinemas in the Kingdom, Argaam earlier reported. 

 

The Kingdom plans to open up to 350 theatres and over 2500 screens by 2030.

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